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Ajmera Realty & Infra India Ltd (ARIIL) has reported an impressive 98% year-on-year surge in sales during Q3 FY24, reaching a sales value of Rs 253 crores. This growth is attributed to a robust 63% increase in the sales area, totaling 1,03,573 sq.ft. Key projects such as Ajmera Manhattan and Ajmera Eden in Mumbai, along with projects in Bengaluru, have sustained significant interest and contributed to this rise in revenue.
Despite facing limited inventory, ARIIL demonstrated overall project strength and achieved remarkable milestones. Dhaval Ajmera, Director of Ajmera Realty & Infra India Ltd, expressed confidence in achieving their sales goal of Rs 1,000 crore for the fiscal year, emphasizing the positive momentum in the real estate sector. The surge in property registrations in Mumbai and the MMR region, driven by infrastructure development projects, has fueled this upward trend in property prices.
Notably, the demand for mid-segment and premium homes has risen significantly, aligning with ARIIL's specific offerings. This heightened buyer sentiment, coupled with positive factors driving demand for residential housing, extends beyond Mumbai and MMR to Bengaluru as well. The company remains enthusiastic about its growth and success, leveraging these favorable market conditions.
Ajmera recently secured a redevelopment project in Versova with an expected sales value of Rs 360 crores. This has further strengthened ARIIL's portfolio. This initiative aligns with the company's commitment to diversification and progress towards its 5x growth goal. Anticipating growing demand amidst ongoing redevelopment and metro expansions, ARIIL positions itself strategically in key micro markets.
In addition to the Versova project, ARIIL had earlier secured rights to redevelop four housing societies at Yogi Nagar in Mumbai's Borivali suburb. This project, estimated to generate revenue of Rs 330 crores, emphasizes the company's focus on redevelopment initiatives within its established township projects. The Yogi Nagar redevelopment is part of the larger township development undertaken by ARIIL.
The successful Q3 FY24 performance is complemented by a 30% year-on-year growth in collections, totaling Rs 151 crores. The company's proactive approach in responding to market demands and its ability to secure and execute redevelopment projects underscore its resilience and adaptability in a dynamic real estate landscape.
Overall, ARIIL's strategic acquisitions, when coupled with sustained interest in key projects, position the company favorably in the real estate market. The overall positive outlook, driven by infrastructure developments, rising property registrations, and evolving buyer preferences, bodes well for ARIIL's continued growth and success in the real estate sector.
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